College SAVE hosts 529 Day activities
May is special for many reasons: Mother’s Day, graduations, tulips and 529 Day which celebrates tax-advantaged 529 plan accounts. Instituted by the Internal Revenue Service, 529 accounts help people save for college. In North Dakota, College SAVE is the 529 plan supported by the state. Anyone can open an account with as little as $25 for a child of any age.
At Bank of North Dakota (BND), we believe that College SAVE, which allows earnings on investments to grow state and federal income tax free, is critical in helping our residents plan for future higher education expenses. It’s why there is an annual state tax deduction based on contributions of up to $10,000 for married couples ($5,000 for single filers). It is also why we offer a couple match programs to help people save even more. This May, two major efforts will be held to help increase awareness of College SAVE and its match programs.
- BND partners with the KX News Network to bring you an opportunity to win one of five $529 contributions to a new College SAVE account or to add to an existing account. Registration at www.collegesave4u.com/529day is open May 8 through May 29.
- We also partner with the Bismarck Tribune Friday, May 25, for a free event held at the Sertoma Superslide Amusement Park in Bismarck. We invite everyone to join us from 10 a.m. to 3 p.m. and enjoy the rides free of charge. A food vendor will be open with food and drinks available for purchase. College SAVE materials and superhero masks will also be available for those that attend.
College SAVE match programs help you to achieve more with your college savings.
The New Baby Match offers $200 to every newborn in North Dakota when an account is started by the child’s first birthday. To receive the match, you must contribute $200 within 12 months from the date you open the account. The New Baby Match has no income restrictions.
The BND Match offers up to $900 over a period of three years. To qualify, you must have a College SAVE account and meet the income requirements which begin at $120,000 federally adjusted gross income or below for married couples. Four of five North Dakota residents qualify for at least one year of the match.
Money in your College SAVE account may be used for qualified distributions at any school in state or out of state. Qualified expenses include room and board, books, fees, tuition and computer equipment. A recent development now allows for qualified expenses to include elementary and secondary tuition at public, private and religious schools K-12. To learn more visit www.collegesave4u.com.